[SMM Nickel Sulphate Daily Review] February 11: Nickel Salt Prices Remain Stable

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On February 11, the SMM battery-grade nickel sulphate index price was 26,598 yuan/mt, with the quotation range for battery-grade nickel sulphate at 26,400-27,080 yuan/mt, and the average price remained unchanged from the previous day.

Cost side, LME nickel prices dropped back slightly to $15,700 today, weakening cost support slightly. Demand side, some precursor plants had completed February inventory stockpiling, with some manufacturers' inventories meeting immediate needs, though procurement demand still existed. Supply side, some nickel salt smelters had not yet resumed operations, while others that had resumed had started quoting and negotiating orders. Currently, smelter quotations were mostly flat compared to last week, and the spot order market remained quiet. Comprehensive analysis suggests that sentiment to stand firm on quotes driven by smelters' losses and the existing procurement demand may lead to a slight price increase in the near term.

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